Apollo swings to profit, AUMs reach $110 bln

SteveGelsi

NEW YORK (MarketWatch) -- Apollo Global Management LLC
APO, -0.19%
said Friday it swung to a third-quarter profit of $82.8 million, or 55 cents a share, from a loss of $466.9 million, or $3.86 a share, in the year-ago period. The private equity firm's revenue rose to $712.4 million from negative revenue of $1.48 billion. The latest revenue figure included about $550 million in carried interest income from affiliates, while the year-ago period included a carried interest loss from affiliates of $1.62 billion. Management fees from affiliates rose to $147.6 million from $122.7 million. Total economic net income after taxes rose to 98 cents a share, from a loss of $2.89 a share. "Our total assets under management reached $110 billion at the end of the third quarter, reinforcing our leadership position as a multi-product, solutions-driven provider of alternative investment strategies," Chief Executive Leon Black said.

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